Understanding & Preparing for a Hardening Medical Professional Liability Market

Placing You First Insurance Podcast by CRC Group

Fifteen years into the soft market cycle, it shouldn’t come as a surprise that the Medical Professional Liability (MPL) market is turning around. Many will remember that the Long-Term Care (LTC) market began to show signs of hardening in 2017, and the Hospital segment began to follow suit in the second quarter of 2019. While the Facilities and Physician segments have lagged behind, they’re also turning the corner toward a firmer market. While the COVID-19 pandemic is to blame for many current challenges, this hard market was well on its way prior to the pandemic. In actuality, the battle against COVID-19 has functioned in many ways as a temporary pause button for the MPL marketplace, giving insureds a short period of respite due to moratoriums on litigation. However, significant market changes are anticipated for the remainder of the year and beyond. Understanding the 5 primary drivers of the tightening market can be important to helping clients comprehend the changes that are coming.
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Featuring:

• Tom Levin is a CRC Vice President and Healthcare Broker and a member of the ExecPro Practice Advisory Committee. He also leads the Chicago Healthcare Practice.
• Tyler O’Connor is a broker in CRC’s Birmingham, AL office, and a member of the ExecPro Practice.
• Rusty Hughes is a Senior Broker in the CRC Birmingham, AL office specializing in the healthcare and assisted/senior living industries.

Visit REDYIndex.com for critical pricing analysis and a snapshot of the marketplace.

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